Banco Espírito Santo Angola’s Toxic Loans to the Elite

Banco Espírito Santo Angola (BESA) is faced with serious financial problems caused by bad loans to the tune of US$6.5 billion including US$1.5 billion in interest, Maka Angola has learnt from reliable sources. During Álvaro Sobrinho’s tenure as chairman of the bank’s executive committee (2002-2013), BESA took to granting astronomical loans, mostly to well-known figures in the Angolan regime, including several members of the ruling People’s Movement for the Liberation of Angola (MPLA) Politburo. Since 2013 the chairman of BESA’s board is an MPLA Politburo member, António Paulo Kassoma, who has served as prime minister and speaker of the National Assembly. According to information obtained by Maka Angola, the bank had made loans totalling nearly US$200 million with Álvaro Sobrinho as the main beneficiary. The bank now wants to recoup this loan. Eugénio Neto “Geny Neto”, the vice chairman of Espírito Santo Commerce (Escom) in Angola, has been named as […]

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